Washington - Today, the U.S. Department of Agriculture raised its average corn yield estimate to 175.4 bushels per acre, which if holds, would be a new record.
The November World Agriculture Supply and Demand Estimates report raised the average corn yield estimate by 3.6 bushels per acre and would best the previous record of 174.6 bushels per acre set in 2016.
This means the 2017 corn crop would be 14.6 billion bushels, nearly 300 million bushels larger than expected just last month.
"In 2005, the year the RFS was enacted, corn yield stood at 147.9 bushels per acre.
This year's record of 175.4 bu/ac reflects an approximate 20% increase in yield in just over 10 years,” said Renewable Fuels Association President and CEO Bob Dinneen.
“That's an astounding increase in productivity, and reflects not just the hard work and efficiency of the American farmer, but also underscores the effectiveness of market-driven demand from the RFS.
It is no coincidence that as farmers realized increased demand and value for their crops, they were able to invest in newer technologies and practices that have driven even further improvements in yields, even in the face of increasingly challenging weather conditions.
As a consequence of this demand-driven market dynamic, farm program costs have been reduced; feed, fiber and fuel market demand has been satisfied, and consumer food prices have been held in check.
So, congratulations to America's corn farmers who have worked so hard to achieve this record yield,” he added.